13 September ‎ 2021 | TDF in the News

TDF and Seera Group partner to develop the first sustainable tourism project in Al Baha

The Tourism Development Fund (TDF) and Seera Group today signed a financing agreement to establish and operate the Raghadan Tourist Resort, the first sustainable tourism project in the Al Baha region – one of the main investment destinations identified under Saudi Arabia’s National Tourism Strategy.

The agreement was signed during an event at the Al Baha Principality Building by Qusai Al-Fakhri, CEO
of TDF and Majed Al Nefaie, CEO of Seera Group.

The Raghadan Tourist Resort project represents the beginning of a new era in Al Baha’s history and will
be a major boost for tourism in the region. Al-Fakhri expressed his happiness with the support that the
project, located in the famous Raghadan park, has received from His Royal Highness Prince Hussam bin
Saud bin Abdulaziz Al Saud, Governor of Al Baha Region, and the Ministry of Municipal, Rural Affairs and
Housing, represented by the Al Baha Municipality.

This support reflects the strong integration between government sectors to serve tourism investments
in Saudi Arabia and reinforces the cooperation between TDF and Seera Group to transform the Al Baha
region into one of the leading tourist destinations in the Kingdom.

Al-Fakhri also expressed his confidence in Seera Group and its capabilities to develop the project – which
aims to attract domestic and international tourists – to the highest engineering and environmental
standards.

Al Baha’s rich history, cultural heritage, climate, topography and geographic location in the south-west
of Saudi Arabia make it an attractive area for tourism and one that will further diversify the country’s
offering.

Majed Al Nefaie, CEO of Seera Group, said: "Developing tourist destinations based on unique
experiences will be an important priority for the Saudi tourism sector over the coming years. We believe
that this project will make Al Baha an attractive destination for holidays, recreational activities,
meetings, exhibitions, and conferences. Additionally, we hope it will be a catalyst for further tourism
projects and investments in the region that contribute to Saudi Arabia’s economic growth and the
creation of more sustainable jobs in the Kingdom."

Under the partnership, Seera Group will develop a world-class sustainable tourism development
stretching across an area of ​​50,000 square meters that aims to ensure the preservation of the Al Baha
region and its social, environmental, and economic sustainability.

The destination will include a luxury hotel resort with 200 guest rooms and family suites, a multi-
purpose hall, outdoor spaces and a number of shops, restaurants and cafes. There will also be a
children’s activity center, theatre, traditional market, and a modern shopping center with international
brands. A range of activities such as climbing, hiking, biking and camping will aim to attract nature lovers
and adventure seekers alike.

TDF’s pivotal role in enabling tourism investment stems from its commitment to developing tourism in
regions of the Kingdom that are distinguished by their natural beauty, geographic location and cultural
heritage. The support TDF provides is not simply limited to financing, but also includes showcasing
opportunities to engage investors, securing land for development and helping forge partnerships with
the appropriate authorities.

Seera Group’s participation in the project reflects the company’s long history of developing pioneering
tourism facilities, and highlights the cooperation required between the public and private sectors to
implement sustainable tourism projects and spur economic growth in Saudi Arabia.

  • End –

About Tourism Development Fund
The Tourism Development Fund (TDF) was established in 2019 with a capital of USD 4 billion to drive
tourism growth in Saudi Arabia. TDF enables local and international investors looking to benefit from the
sector’s high potential by providing viable funding solutions, and leveraging its wide network of partners
including government entities, public and private lenders as well as operators and service providers… all
deployed to bring investments to life.

Positioned firmly at the heart of Saudi’s tourism ecosystem, TDF is well placed to offer guidance and
funding options to SMEs, and tailored investment solutions to qualified investors. The Fund’s vision is to
contribute towards achieving the National Tourism Strategy’s objectives by unlocking opportunities in
the tourism value chain for private sector investors, while focusing on long-term sustainability.

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